With all the hype around Zelle, should every credit union be jumping onboard the rapidly growing P2P solution?
Not so fast, say some payments experts, pointing to numerous issues that need to be thought through.
Zelle has taken off over the last year, with reports showing double-digit growth for the P2P platform from Q2 to Q3 of 2018. The solution tallied approximately 116 million transactions in Q3 2018 for a total of $32 billion in payments, the company announced. Transaction volume increased 16% quarter over quarter, and total money moved increased 13%. Year over year, transaction volume on the Zelle Network increased 83%, while transaction value increased 67%.
Some analyses have indicated that with the number of large banks jumping on board, Zelle will soon serve 70% of the banked population.
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